Indian stock market: 10 key things that changed for market overnight - Gift Nifty, US GDP to jobless claims

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open on a cautious note Friday tracking largely weak sentiment in the global markets.

Asian markets traded mostly lower, while the US stock market ended mixed overnight amid the release of US GDP data and as selling in megacap stocks continued.

On Thursday, the Indian stock market indices ended lower for the fifth consecutive session following weak global cues.

The Sensex fell 109.08 points, or 0.14%, to close at 80,039.80, while the Nifty 50 settled 7.40 points, or 0.03%, lower at 24,406.10.

“Weak global cues along with moderate Q1FY25 earnings so far have dampened the sentiments. Overall we expect the market to continue its consolidation mode with stock-specific action given the earning season is in full swing,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Friday tracking similar cues from Wall Street overnight.

Japan’s Nikkei 225 fell 0.1%, while the Topix declined 0.18%. South Korea’s Kospi gained 0.63%, while Kosdaq rose 0.39%. Hong Kong’s Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 24,480 level, a premium of nearly 20 points from the Nifty futures’ previous close, indicating a flat-to-positive start for the Indian stock market indices.

Wall Street

US stock market ended mixed on Thursday amid the release of key economic data and corporate earnings.

The Dow Jones Industrial Average gained 81.20 points, or 0.20%, to 39,935.07, while the S&P 500 fell 27.91 points, or 0.51%, to 5,399.22. The Nasdaq Composite ended 160.69 points, or 0.93%, lower at 17,181.72.

Alphabet share price fell 3.1% to its lowest close since May 6, while Tesla shares gained nearly 2%. Meta ,Platforms Microsoft and Nvidia shares ended between 1.7% and 2.4% lower. IBM stock price jumped 4.3%, American Airlines stock rallied 4.2%, while Southwest Airlines surged 5.5%.

Ford shares slumped 18.4% and Edwards Lifesciences stock tumbled 31.3%.

US GDP

US economy grew faster than expected in the second quarter amid solid gains in consumer spending and business investment. US GDP, or gross domestic product, increased at a 2.8% annualized rate last quarter, advance estimates of second-quarter GDP showed. Economists polled by Reuters had forecast GDP rising at a 2.0% rate. The economy grew at a 1.4% rate in the first quarter.

Jobless Claims

The number of Americans filing new applications for unemployment benefits fell more than expected last week. Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 235,000 for the week ended July 20, the Labor Department said. Economists polled by Reuters had forecast 238,000 claims for the latest week.

US Durable Goods Orders

New orders for manufactured durable goods in the US fell sharply by 6.6% MoM to $264.5 billion in June, and by 2.0% year-on-year (YoY).

RBI Draft Liquidity Norms

The Reserve Bank of India (RBI) issued draft guidelines proposing banks to assign additional liquidity buffers for accounts having internet and mobile banking (IMB) facilities to stave off any risks during times of stress.

Tokyo Inflation

Core inflation in Japan’s capital accelerated for a third straight month in July, Reuters reported. The Tokyo core consumer price index (CPI) rose 2.2% in July from a year earlier, matching a median market forecast and accelerating slightly from a 2.1% gain in June.

Oil Prices

Crude oil prices traded flat amid mixed cues. Brent crude futures for September eased 0.02% to $82.35 a barrel, while US West Texas Intermediate crude for September fell 0.05% to $78.24 per barrel.

US Treasury Yields

Longer-dated US Treasury yields fell after US GDP data. The yield on the benchmark US 10-year Treasury note fell 2.8 basis points (bps) to 4.258%, while the yield on the 30-year bond declined 4.9 bps to 4.5%. Two-year US Treasury yield rose 2.5 bps to 4.441%.

(With inputs from Reuters)

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